Emergent Growth Advisors

Strategic Advisory Focus

Private Capital Successful franchise investing requires deep sector knowledge and the right approach.

Include our perspective in your origination, due diligence, value creation planning, and performance improvement efforts. Learn More
Emergent Brands Thousands of emerging franchises never emerge!

Work with us to avoid expensive mistakes and build your business for maximum exit value, long-term sustainability, and franchisee satisfaction. Learn More
Re-Emergent Brands 42% of active franchises are stalled out or shrinking. And 45% of all brands stop franchising altogether.

Work with us to re-energize your franchise with targeted intervention focused on rebuilding enterprise value and franchisee satisfaction. Get growing again. Learn More

Private Capital in Franchising is Dynamic

Maximum Value Creation Requires the Right Strategy

brands have had private equity investment at the franchisor, franchisee level, or both.*

This represents only 18.75% of active brands. The majority of franchises will never attract private capital interest or command an attractive valuation without a change in approach.
* Source: Emergent Growth Advisors proprietary research

private capital firms have already invested in franchising.*

While impressive, this also means 93% of PE firms have yet to discover franchising. There will be more entrants, but existing investors with franchise knowledge have a significant advantage.
* Source: Emergent Growth Advisors proprietary research

PE (US) dry powder still available to invest.**

We've barely scratched the surface of total available funds. But PE dealmakers are also selective. According to a recent survey, only 4% of initial PE discussions lead to an LOI.
** Source: EY

Meet the founder

Alicia Miller is the Founder and Managing Director of Emergent Growth Advisors, a boutique strategic advisory firm working at the intersection of franchising and private equity. She supports founders and franchise management teams facing growth, disruption, or transformation challenges, and helps them accelerate their businesses. She also advises private capital firms pre- and post-transaction on strategy and value creation initiatives and co-invests alongside her partners. As a former multi-unit franchisee, she brings a franchisee’s perspective and operating experience into every engagement.

Ms. Miller is a recognized thought-leader in franchising. She is a monthly columnist for Franchise Times and has also been published in Entrepreneur and Forbes. Together she has published more than 100 articles about franchising and private equity. Her book Big Money in Franchising: Scaling Your Enterprise in the Era of Private Equity (Figure 1 Publishing, 2024) is the first detailed examination of PE's impact on franchise stakeholders.

She currently serves as an independent director for Elevated Ventures Group, a private equity backed multi-unit franchisee of Urban Air Adventure Parks. She also serves as an advisor to the International Franchise Association’s certification program (CFE), promoting franchising best practices and regulatory compliance.

Ms. Miller earned a Master of Business Administration (MBA) from The Wharton School at the University of Pennsylvania, a Master of Science (MS) from the University of Maryland, and a Bachelor of Arts (BA) from Smith College. She holds a Graduate Certificate in Franchise Management from Georgetown University as well as a Graduate Certificate in Administration & Management from Harvard University. She is a Certified Merger & Acquisition Advisor™ (CM&AA), a Certified Franchise Executive™ (CFE), and is Directorship Certified™ by the National Association of Corporate Directors (NACD.CD).

Recently Published

08 Dec 2025 1H2026 On Track To Be A Busy M&A Year - Including For Franchising

According to Private Equity Wire and Reuters, citing Pitchbook data, 2025 is poised to be a strong year for private equity (PE) asset exits. Buyout firms have completed over 1,300 exits through October, compared to 1,368 for all of 2024. We observed a notable increase in activity in the late summer and early fall within the franchise sector. However, these exits do not necessarily indicate new PE firms entering the market. Many are continuation funds that allow earlier investors to exit while new investors come in, all under the same PE sponsor's management. A 2025 Bain study indicates that we are still addressing an overhang of approximately 29,000 PE assets, many of which need to be traded following a 2.5-year exit slowdown. Current trends suggest a busy first half of trading in 2026!

05 Dec 2025 Can Brands Create Empire Builders? Or Do They Have To Recruit An X Factor?

How much franchise unit success is the operator versus the brand, system, and training?

29 Oct 2025 Roark Explores Sales of Nothing Bundt Cakes

People think of Roark Capital as a "long hold" investor - which is a fair generalization given that they have held some of their franchise investments for decades. But they also selectively divest. The latest example: Nothing Bundt Cakes, which has seen changes under Roark and some unit level consolidation as well as continued expansion. It is a reminder that even if your brand is acquired by "long-hold" Roark, it may trade again across the PE Profit Ladder.

Go to Blog